M-banking uses the mobile phone as a delivery channel for financial information and services. It is important to note that the telco-led model is usually an m-payments rather than an m-banking program. Regulations bar telecommunications companies from offering savings or loan products, so their programs typically focus on helping people to move money quickly and securely. Client funds stored with telco-led programs do not have the same consumer protections as bank savings accounts and generally do not pay interest. These restrictions have led some telcos to look at partnerships with banks.